Jurisdiction — Time bar — NAFTA, Article 1116(2) — NAFTA, Article 1117(2) — Actual or constructive knowledge — Whether the claimant acquired or should reasonably have acquired sufficient knowledge of any alleged breach of NAFTA at the time three years prior to its request for arbitration

Defence — Exclusions and reservations — Procurement — NAFTA, Article 1108(7)(a) — Whether regulatory determinations related to commercial activity were procurement functions excluded from most-favoured-nation and national treatment

Most-favoured-nation treatment — National treatment — NAFTA, Article 1102 — NAFTA, Article 1103 — Like circumstances — De facto discrimination — Whether application of the same regulatory principles or methodology to different investors and investments constituted discrimination where the treatment resulted in disparate effects

Fair and equitable treatment — Minimum standard of treatment — NAFTA, Article 1105 — Discrimination — Due process — Transparency — Whether discriminatory treatment under the minimum standard of treatment provided protections beyond that afforded by the standards of most-favoured-nation and national treatment — Whether the State had shown wilful disregard of due process — Whether transparency in regulatory decision-making was required under the customary minimum standard

Interpretation — Effet utile — Whether it would be inconsistent with the effectiveness of the procurement exception to find that the standard of fair and equitable treatment permitted a discrimination claim beyond the standards of most-favoured-nation and national treatment